Financial pressures mean that the students from low income families due to heavier debts are more likely to take jobs that do not require a degree when they leave university.
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Student loans constitute a debt to the taxpayer, they were not funded by commercial business.
Based on last year's January filings, a few hundred thousand taxpayers could be affected by the delay, with the largest group involving people filing Form 8863, "Education Credits."
Filing a CPA prepared return or using tax software depends on personal financial situation.
In the age of 24-hour news, immediate music downloads, and video-on-demand, completing and filing an individual tax return on your own is a bit like churning your own butter " it would get the job done, but there are other options. More than 65 million Americans will file individual tax returns on April 17, 2006, and more than half will file electronically using tax software. The rest will file through certified public accountants, tax preparers and tax attorneys.
CPAs generally recommend that you set aside money each month to build up a cash reserve equal to three to nine months of living expenses.
To be deductible, your travel must be for an existing business. Travel expenses you incur in acquiring or starting a new business are not deductible.
Make debt reduction your first financial objective. Each month, make the minimum payment to each creditor, and then devote all remaining money to the creditor charging the highest interest rate.
If you felt like an April fool this tax season because you procrastinated, didn't quite understand the tax laws, or kept poor records, now is the time to prepare yourself for the 2004 tax year.
Don't immediately make any important financial decisions in the wake of a disaster.
If you already have a major credit card, discuss rates with your card issuer. In many instances, customers in good standing can negotiate lower rates.
For a relatively inexpensive source of education funds, parents of dependent undergraduate students can turn to PLUS (Parent Loans for Undergraduate Students), a federally sponsored student loan program.
It happens to the best of us. You lose your job, your investment portfolio takes a nosedive, your debt gets out of hand, or you are facing divorce. Whatever the financial setback, taking corrective actions early will help you weather the storm. The Colorado Society of CPAs offers the following guidelines for coping with financial problems.
COMMUNICATE WITH YOUR FAMILY
Personal Liability Insurance increases your protection beyond the basic levels provided under your homeowners and auto insurance policies.
Personal financial planning refers to the process for managing how you spend, save, borrow, and invest money.
Avoid the road from college to bankruptcy court and talk to your child about personal finance and money.